Trade Assistant Bot
Cryptocurrencies have become one of the most lucrative financial markets in the world today,
generating billions of dollars in profits for those interested. However, thousands of dollars are
lost in this market at the moment. It is the rule of any financial market, and if you do not know
the rules, you will be out of the market at a loss. However, do not be afraid because there are
many ways to facilitate money-making in this market, and you have to be familiar with them.
One of these handy tools is Crypto Assistant.
If you are a trader, you probably know that the cryptocurrency market is different from all other markets, such as the stock market. This financial market is known for sharp fluctuations and pumps and dumps. It is both attractive and hazardous for traders. The difference between the two is in the experience of traders. Successful traders use every tool to increase their speed and accuracy. If you know how much power a Crypto BitMEX Assistant can give you, you will be looking to get it. Join us to see what a crypto assistant is and its features.
What is BitMEX Crypto Assistant?
To be clear, Crypto Assistant is a computer software written with code. This software is designed
to help traders. The unique features of this trading assistant allow you to trade with a lower error
rate and significantly increase profitability. This software connects to your exchange account and
can do things for you to prevent the ruin of your money.
Crypto Assistant is not able to do anything on its own. You can turn this software on or off like any other software, and you are in control of it. If we want to name the essential feature of a crypto assistant, it is to create a buy and sell signal. Of course, not all assistants have this capability, and most crypto assistants can only do a few simple tasks. However, the PlayOnBit crypto assistant has such an ability. In addition to creating a buy and sell signal, this assistant has several other features that we will introduce in the following.
What is the Difference Between Crypto Assistance and Crypto Trade Bot?
For many traders, the question is, what is the difference between a crypto trading bot and a crypto
assistant. A crypto bot can also be a crypto assistant, and a crypto assistant can also be an
assistant bot. However, the two are different.
A crypto trading bot is software that can buy and sell automatically. The bot connects to your exchange and can set buy/sales orders at the BitMEX exchange without your intervention. Crypto Assistant connects to your exchange account but does not trade.
This software can arrange or adjust your orders on the exchange and prevent common errors in trading. You can make your analysis, compare it to crypto assistant analysis, and make the best decision.
Of course, you should know that PlayOnBit is both a crypto bot and a crypto assistant. You can deactivate the option to set orders at any time and use its features as a crypto assistant. The choice is yours.
BitMEX Crypto Assistant Features
PlayOnBit can help you in various areas, such as preventing manual errors, speeding up trading, generating buy signals, setting stop-loss, and more. In the following, we will review the essential features of this trading assistant.
Set the Stop-Loss
As you know, the value of cryptocurrencies can drop and be dumped in a fraction of a second.
A trader cannot prevent this risk except to set stop-loss. Stop-Loss notifies your exchange that it
will sell crypto if the price goes down to a certain number. It will avoid more loss.
Choosing the proper stop loss is one of the most important tasks of a trader. Selecting the wrong stop loss can be just as dangerous as not having it. Trade assistant can do this for you automatically. If you are a beginner trader or the number of trades per day is very high, this feature can help you.
Just turn on the trading assistant and connect it to the exchange. This software can automatically select the best stop-loss for you according to its performance analysis.
Correcting a Stop-Loss
PlayOnBit is not limited to stop-loss settings. Many traders may intentionally or unintentionally set another stop loss when trading. Sometimes they do not realize this, and the fall in price makes their trade unprofitable. Sometimes too many trades cause the trader to forget that he did not specify the correct stop loss. This trading assistant can correct the stop loss. In such a case, you can ensure that your stop-loss is right with just one click via the software pannel. The trading assistant automatically changes the exchange stop-loss to the value specified in the bot panel.
Many traders are accustomed to setting a variety of stop-losses for their trades. It is not wrong,
but it can significantly increase the error rate in trading. It is right to have a stop loss in
each trade to avoid more losses. It matters, even more critical, when the market is red, and the
trader has long positions.
PlayOnBit can adjust your stop-loss to the correct number and save you time. For example, if you have a 300 position and put total of 300 stop losses, the crypto assistant merge them to one stop loss with amount of 300 at the percentage you put in the bot. Imagine how much faster this can be in a fast market like cryptocurrency.
Correct the total of Stop-Losses by position
For example, if you have three hundred positions, you should set three hundred stop-losses. Sometimes your positions close, which causes your stop-loss to be more or less this amount. Correcting these stop-losses is a time-consuming task with a possibility of error. This crypto assistant can automatically (and rapidly) set the sum of the stop stops for you.
Close position more than Stop-Loss percent and re-order Stop-loss
Cryptocurrency prices are volatile at BitMEX (and other exchanges). If you have traded by BitMEX
exchange, you will find that this exchange is different from other exchanges in one way. At BitMEX,
when a cryptocurrency price falls, the exchange automatically cancels the stop market.
The cryptocurrency market is full of these price shadows. In such a case, in BitMEX exchange, if the price falls once and rises and then falls again, your position has no stop loss, and you will lose your money. You should enter the exchange and close the position before the second fall to prevent these consecutive falls. It is not possible for many people in terms of time.
The trading assistant does this easily for you. If the trading assistant is connected to an exchange, it will automatically activate after the second drop (when your position is still open and you have no stop-loss). You can set a number as the maximum loss inside the assistant panel, and if the loss is greater than the loss specified in the bot, the position will be closed completely.
It's not just the stop-loss that can make your trade effective. Another task that should be
considered when trading is take-profit. Take profit determines for you how much profit you get
from trading. The greed of many traders makes them not have a take profit or set it too high.
Both of these things are wrong.
Professional traders set different take-profits for their trades to save additional profit at different prices. This feature is called multi-slice take-profit. The trading assistant can put as many take-profits as you desire, and these multi-slice take-profits will be automatically transferred to the exchange and placed in your account. It is also possible to reset it in the trade assistant panel, and no matter how much you set in the bot, it divides it into an exchange.
Risk-Free the trading position
Risk-free trade means withdrawing the initial money from the trade and continuing the trade with the profit from the initial money. It will ensure that you continue to make a profit without any loss and not make any loss in the worst case (price pump, dump, and various trading errors). The trading assistant automatically makes a risk-free and withdraws the initial funds from the trade when your profit equals the initial capital.
Close the position when the ROE falls
Another feature that trade assistant gives you is closing positions automatically. If your trading ROE is above +8%, the trade assistant will automatically change your stop-loss position to +4% (on profit). You may be wondering, what is the use of such a rule in this trade? This feature allows you to make a 4% profit if the price goes up and then down. However, without this feature, if your take profit is higher than 8% and your stop-loss position is lower than the number set in the trading assistant, you will not have any profit from trading. The price will fluctuate in this high range without any profit.
Automatic Stop-Loss removal
Sometimes when the price reaches Take-Profit and your position closed, your Stop-Loss is still active in the exchange. In this case, if you do not remove your stop loss, the price may change and activate the stop-loss. To do this, you must manually remove the stop loss after making a profit at BitMEX. The trading assistant automatically closes the position and eliminates the Stop-Loss not to damage your fund.
Managing tick take-profit and stop-loss is very difficult for new traders or daily traders. Many traders suffer from a lack of management of these two features. Trade assistant is one of the best software that a trader can use to buy and sell. This software can organize and automate your orders and save you considerable time. Risk-freeing positions and closing them at the right time can also be done for trading in the fastest possible time by the PlayOnBit. Trading Assistant also prevents common mistakes and saves you money. If you know how much irreparable damage a small error in the crypto market can do, you will undoubtedly not hesitate to use trade assistant.
What is the difference between a trading bot and a trade assistant?
Trade Assistant can help with setting up stop-loss, take-profit, and closing positions under certain conditions. However, the trade assistant can not analyze the market and set orders. It is what bot trading does. A trading bot can do the job of a trading assistant well, analyze the market, and open buy/sell positions in an exchange.
What are the benefits of using a trading bot?
Using bot trading will make you trade faster, and your accuracy will be much higher. Now, if bot trading has unique features such as artificial intelligence, it will make your trade significantly profitable.
How can I check and see the performance of my bot?
You can do so in your dashboard, after you have logged in.
What are the Risks of Using PlayOnBit's Binance Trading Bot?
Our platform does not add any risks or potential security breaches to your existing trading set-up. Binance API keys do not read user security data, only your trading data. Make sure to disable funds withdrawal option when you are generating an API key, for an added layer of security.
What are the benefits of AI trading bots?
Using artificial intelligence bots has many advantages over using other trading bots. Artificial intelligence and learning allow your software to learn what kind of market to function in gradually. Some bots do not work well in the red market where prices are falling, and others cannot take a profit in the range markets. The artificial intelligence bot measures its failure rate after each trade and evaluates whether this change has positively affected profitability by changing various factors. It is what a human being does when trading and leads to profitability.
How much trading knowledge need to use a trading bot?
You do not need specialized knowledge to use a trading bot. You have to connect the trading bot to the BitMEX exchange and then turn it on. The bot will trade for you automatically. However, the more knowledge you have about trading, financial markets, and technical analysis, the better your results. For example, BitMEX bot trading has many capabilities to change the number of take-profits and stop-losses with your technical knowledge.
How do I trade crypto daily?
You have to choose a crypto every day, find the right strategy, set stop/loss, and take profit. Daily trading is difficult. Performing repetitive tasks and analysis in a 24/7 market is time-consuming. However, the crypto market also has features that make it even harder. This market fluctuates a lot, making trading even more difficult. Using tools like a trading bot can make trading significantly more accessible for you.
What are the Risks of Using PlayOnBit's BitMEX Trading Bot?
PlayOnBit does not add any risks or potential security breaches to any crypto trading systems. BitMEX API keys do not read user security data, only the data from trading. Be sure to disable funds withdrawal option when you are generating an API key to provide an extra layer of security.
Are there any Free Plans Available?
All users automatically receive the Bronze plan, which is completely free, after signing up!
Can I download PlayOnBit smart robot?
No. PlayOnBit is a fully-managed web service. There is no download when you use the PlayOnBit interface. PlayOnBit does provide many standard methods for viewing your robot results. All your trading management needs can be accessed directly from your browser.
How to make money in market decline?
Using BitMEX trading bot, you can get long positions in the bearish market with specified stop-losses. By analyzing the market, the bot determines which coin to buy on the red market, at what price to put stop-loss and take-profit, and automatically closes the position in case of emergency. Since the short position is the opposite of the market, the possibility of making error is high, and using a bot will help you a lot.
How much money do I need to use a trading bot?
There is no limit to the use of bot trading, and you can start your trade for greater than $10. However, try to start your trading with little money and gradually increase it as the performance of BitMEX AI bot will improve progressively with high trades.
Which strategies does a trading bot use?
The stronger and more advanced a bot is, the more strategies it can use. The profitability of bots is related to this issue. For example, some strategies can not be used in bear markets, and some are suitable for range or bull markets. It is especially important in the bear market. A trading bot that can choose the best strategy using artificial intelligence and machine learning is the best trading bot.
Are crypto trading bots fully automated?
Yes. Not all trading bats are automatic, and depending on the structure, different parts of trading are done automatically, and some tasks may be manual. However, the trading bot job is to automate trading processes. More advanced bots also automatically analyze and record sales orders, but not all bots have this capability. The more advanced and automated bot trading is, the more influential the bot is likely to be and the more profit you can make.
Does the trading bot take a commission on orders?
Once you have purchased the bot, you will not pay any additional fees per trade. However, trading in any exchange has a cost for you, and this cost is paid to the exchange, not to bot sellers.
Which currencies and countries does PlayOnBit support?
Now PlayOnBit accept Tether (USDT) as payment currency. All countries in the world is supported.
How to connect a cryptocurrency exchange?
To connect a BitMEX bot to an exchange, you must create an account on the exchange. You will then receive an API KEY within the Exchange account and paste it into the trading bot panel. The BitMEX bot connects to exchange, and you can quickly turn on the bot and trade. Trades are made automatically, and you do not need to set buy and sell orders or perform analysis. Just turn the bot on and off. However, there are also stop-loss and take-profit settings and several other elements in the bot that are optional.
How do I make money in the crypto red market?
Holding is not profitable in the Bearish market, but you can profit by trading. The cryptocurrency market is a two-sided market that allows you to use the short position. In this type of trading, you first sell your fund to an exchange, and when the price goes down, you buy more. Such a position is called shorts, and in the falling market can be profitable for you. The amount of this profit is no different from the opposite (buying and selling at a higher price), and both are equally profitable. However, you can also leverage your shorts position and multiply your profit. This type of trading requires more complex analysis, and it is better to use a trading bot to do it.
What should I have to use a trading bot?
You need some money and an exchange account to use a trading bot to profit. After buying the BitMEX trading bot, you must register in an exchange such as BitMEX. Registration in the exchange is free. Just connect the bot to an exchange and start trading.
Do you offer free plan?
Yes, You can use our free plan (Bronze) for ever.
Have more questions?
Our support team is available 24/7 and usually responds in well under an hour. Visit our Help & Support Center to contact them.
Can I trade short/long by bot trading?
Absolutely Yes. Intelligent bots like the BitMEX trading bot are designed for this purpose so that you can open short and long orders. Because Shorts and Long Orders require more sophisticated analysis than Spot Market, you will need to use more. With the bot, you no longer need to analyze multiple cryptos and look at the indicator chart for hours. A Trading bot will analyze for you in a few seconds and record the order of shorts and longs.
How much time does it take to trading bot make money?
It depends on several factors. Usually, artificial intelligence bot performs better by making a lot of trades. This bot looks at the number of errors after each trade and then changes the various factors affecting the trade to reduce this failure rate. However, bot trading can be profitable from the very first trade.
Can trading bots make passive income?
Since trading bot is much faster than humans, it can make a passive profit for you by doing a large number of trades in a short period. Especially in the red markets, using passive income, which is less risky, will be very profitable.
Which cryptocurrencies can I trade by a trading bot?
There are no restrictions in this regard. You can trade on any crypto you want. However, exchange offices have limitations. Each exchange provides you with a limited amount of cryptocurrencies for trading. For example, to use the BitMEX trading bot, you can only trade those cryptocurrencies listed in an exchange.
How does a trading bot make money in a bearish market?
A Trading bot can easily take a profit for you by open a short position in the bearish market. Of course, this requires a lot of technical analysis and experience, and small mistakes can destroy your capital and become liquid. However, the trading bot can take a short position for you due to the brief analysis it performs. The amount of trading error using bot trading on the red market is lower, and your chances of being liquidated are significantly reduced.
Are crypto bots legal?
Using a trading bot is completely legal, and there is no risk in using it. These bots only buy and sell and do not harm the exchange or your money. Many major exchanges around the world, such as BitMEX and Binance, recommend traders to use trading bot, and they make it possible to connect different bots to the . By connecting these trading bots to an exchange office, you can automate trading without taking time, and you can make a significant profit.